They don’t own the art itself or any type of copyright, but especially celebrities with wide reach are investing multi-million dollars in NFT images. In Justin Bieber’s case, that can sometimes be a good million dollars more than the actual value of a generic monkey photo.
NFTs (non-fungible tokens) are a hit with crypto fans right now…and a growing number of big-budget celebrities. Whether you think of it as digital art or a modern Ponzi scheme, NFTs are increasingly becoming central to society. Blockchain locations, which are visually represented with images of random monkeys, are particularly popular with celebrities with high reach. individuals and also Gaming companies see the future of blockchain technology and NFTs, but are often criticized for it. Even those who claim to understand the underlying technology and have a large collection of NFTs often suffer heavy losses.
‘Bored Monkey #3001’ is worth $1 million more to Justin Bieber than he probably is
The pop star recently introduced Bored Ape #3001 from the Bored Ape Yacht Club NFT Collection to her 219 million Instagram followers. In the description of the message, he wrote lines from one of his last songs: “What if you had everything, but nobody to call, maybe you would know me then. Because I had everything but nobody Listen and it’s just f****n lonely.”
In total, Justin Bieber reportedly owns 619 NFTs from 49 different collections in the OpenSea NFT Market. The singer seems to have high hopes for his monkey photos, but he spent way more on #3001 than the blockchain link is worth.
Five times the price of a picture of a monkey – Internet laughs
Bieber spent 500 Ethereum on the digital artwork, which converted $1.29 million is equivalent to. The market price of Bored Ape #3001 however, sits at 104 ETH, which is closer to $208,000 is equivalent to. Thus, the singer passed this visual link to the blockchain five times. No wonder he is ridiculed for it on Instagram and other social media platforms.
“Next time you think you’re feeling down, just remember that Justin Bieber just bought a picture of a monkey for 500 ETH,” one of his followers wrote. “Justin Bieber literally paid five times the bored monkey price for a monkey with no rare features. He just got ripped off,” another said.
Other users of his Instagram post suspect he was aware of the actual price and only wanted to draw attention to the purchase. Maybe to showcase his other NFTs. Have you ever discussed the subject of NFTs and the blockchain? What do you think? Write to us in the comments.
spring | dexter